OREANDA-NEWS. May 23, 2008. According to the report by RosStat, Russia ’s total oil output went down by 0,2% y/y to 121mn tons in Q1/08.

Domestic oil refining increased by 5,8% y/y to 59,5mn tons, while oil exports decreased by 3,3% y/y to 61,1mn (50,5% of total oil output) tons during the reporting period.

In Mar 2008, average oil exports price increased by 7,4% m/m to USD 662,7 per ton, while average global price of Urals blend oil in March went up by 8,9% m/m to USD 729,1 per ton.

In Q1/08 weight of oil exports in total Russia’s exports was 35,5% (33% in Q1/07) and weight of oil exports in the total exports of fuels and energy sources was 50,9% (51,5% in Q1/07).

To remind, Russia ’s total oil output rose by 2,2% y/y to 490,7mn tons in 2007.